Carmel refinancing bonds sell at 3.24 percent

9:11 PM,
Dec. 11, 2012

As construction costs for the lavish Center for the Performing Arts more than doubled in the past decade, Brainard maintained residential taxpayers won?t have to pay back the debt. He still maintains commercial revenues will cover the obligations.

Written by

Dan McFeely

CARMEL, Ind. - The Carmel Redevelopment Commission is back in business - with a little more cash and a lot more oversight.

Tuesday's sale of a $185 million bond package effectively refinanced most of the commission's debt, which had been accumulated through years of spending on the city's massive redevelopment with little City Council oversight. The sale could save the city an estimated $75 million over the next 25 years, the life of the repayment of the bonds.

The bonds sold at 3.24 percent, a much lower rate than the 5 to 9 percent the commission had been paying. ...